National Republican. (Washington City (D.C.)) 1872-1888, 1887-07-04

ufy rnrepresented IN the circulation by silver
certificates.
An examination OF the condition OF our
foreign commerce showed that in the three
months OF the fiscal year just closed the
imports Of foreign merchandise would ex-
ceed the exports Of domestic merchandise
by about $50,000,0O0, demonstrating the
fact that the candle was lighted at both
ends, money being drawn into the treasury
in excess OF outlay and abroad to adjust
trade balances. This condition urged a
further and closer scrutiny OF the laws and
search after methods Of relief which re-
suited in article published on the 22d OF
June, In which was quoted the law Of March
IS, 1869 UNITED States Statutes at Large,
volume 10, page ~, which reads as follows:
But none Of said interest-bearing oblig atoms
not already due shall be redeemed OF paid be-
fore maturity unless at such time United States
notes are convertible into coin at the option
of the holder or unless at such time bonds OF
the United States bearing a lower rate of in
terest than the bonds to be rcdecmei can be
sold at par in coin.
Some Of the ahlest lawyers of the country
agree with the NATIONAL REPUBLICAN, that
under this law the bonds now out can be
redeemed at par. Should you, as a lawyer
and chief executive OF the nation, have any
doubt upon that subject, the Attorney Gen.
eral is specially named by the law to re-
lieve these doubts, and can be directed TO
give an opinion which stands rs law until
reversed by the Supreme Court OF the
United States.
The law undoubtedly authorizes the pur.
chase and coming of $1,000 900 of standard
silver dollars per month and the issue aud
circulation Of certificates based on these
dollars, and despite the opposition Of the
monometalists in Wall street the circulation
OF these silver dollars and silver certificates
is steadily increasing, because the people
want them.
II the reports OF the public press, usually
reliable, are to he credited In this instance,
you are afraid to trust your party assocl-
ates, who control the popular branch Of
| Congress, and therefore decline to call an
extra session Of Congress, although every
indication points to the arrival Of one Of
those emergencies contemplated by the CON
stitution when the power was given to con-
vene Congress in "extraordinary session."
In spirit Of patriotism which rises above
| party the NATIONAL REPUBLICAN,, on this
natal day Of the republic, calls your atten-
| tion 10 the financial condition, to the post
| by one Of the ablest financlers OF the couu-
try, Of financial panic, and to the laws by
which the pressure can be relieved and the
| danger averted.
| In the face Of the law of 1869 you cannot
permit the peoples money to be used In
| paying bondholders premium on govern
ment bonds. Your experience with the
forty-ninth Congress makes you doubt the
advisability Of convening the fiftieth in
extra session. What, then, is the con-
dition Of your administration 1t is
simply drifting, without policy, not
daring to trust Congress, and not hav-
ing the courage to redeem the
bonds at par, as provided by law. Can it
be possible that the business world would
desire a second term Of such an administers
tion? To us 1t seems that your only oppor-
tunity to secure the country's approval a
second time is to turn your back upon the ex-
tortionate demands of the public creditors,
save the people an interest account of at
least $40, 600, 900 per annum, break the gorge
of money in the treasury, and give prosper
ity to the country by letting it flow back intc
the channels of trade by announcing now
to the people the redemption of at leass
$lO,00o,oO0 month during the present fis-
cal year. This, and this alone, will reclaim
the confidence now lost, among business
men, In this administration.